On 17 April 2015, Clariant issued four certificates of indebtedness with a total amount of EUR 300 million. These certificates have a term of 5 years (EUR 150 million) and 8 years (EUR 150 million) respectively. For each term there is one certificate with a fixed coupon (based on mid-swap) and one with a floating coupon (based on six months Euribor).

On 9 December 2015, the straight bond issued in 2011 with a notional amount of CHF 200 million reached maturity and was repaid.

On 17 October 2014, Clariant launched a CHF 160 million domestic bond for a term of ten years, with a coupon of 2.125% per annum and an issue price of 101.053% for the first tranche of CHF 150 million and 101.412% for the second tranche of CHF 10 million.

On 21 October 2014, the certificates of indebtedness issued in 2011 and 2012 with notional amounts of EUR 242 million and EUR 25 million respectively, reached maturity and were repaid.

Valuation. Non-current financial debt is recognized initially at fair value, net of transaction costs incurred. Financial debt is subsequently stated at amortized cost. There are no long-term financial liabilities valued at fair value through profit and loss.

Fair values of straight bonds are determined by quoted market prices (level 1 in the fair value hierarchy).

Certificates of indebtedness and other financial debts are recorded at notional amounts, which are a reasonable approximation of the fair values.

Covenants. There were no financial covenants for non-current financial debts as of end of 2015 and 2014.

Exposure of the Group’s borrowings to interest rate changes

• Bonds: the interest rates of all bonds are fixed.
• Certificates of indebtedness: the major part of the existing certificates of indebtedness has a fixed coupon.
• Liabilities to banks and other financial institutions consist of bank loans with fixed interest rates mainly.

Collateral. In 2015 and 2014, no assets were pledged as collateral.